Oslo, Norway, 24 October 2022: The Company's general meeting has resolved a
share purchase program for the Board of Directors. Pursuant to this program the
members of the Board of Directors shall invest 30% of the fixed gross
remuneration (prior to tax) per year in the Company shares until the value of
the shares of each individual member amounts to at least two years of board
remuneration. The members of the Board of Directors shall after the threshold of
two years board remuneration has been achieved, be offered to use up to 30% of
the gross board remuneration (prior to tax) to acquire shares. The shares that
are acquired pursuant to the program subject to a three-year lock-up and will be
offered at a subscription price which is 15% below the prevailing market price.

In relation to this program, the board of directors has today resolved to
increase the Company's share capital by NOK 5,823.75 through issuance of 23,295
new shares at a subscription price of NOK 10,625 per share. The subscription
price represents a 15% discount on the closing price of Cloudberry's shares on
21 October 2022.  Frank J. Berg (chairperson), Liv Lønnum (board member) and
Petter W. Borg (board member) have each subscribed 7,765 new shares. A separate
stock exchange release on the PDMR trades will be issued.

The new shares are subject to a three-year lock-up.

Following the issuance of the new shares, the Company will have 291,299,905
shares outstanding, each with a nominal value of NOK 0.25. The total share
capital of the company will be NOK 72,824,976.25. The company's Articles of
Associations will be updated accordingly.

For further information please contact:
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,
okb@cloudberry.no

The information contained in this stock exchange announcement is subject to the
disclosure requirements pursuant to section 5-12 of the Norwegian Securities
Trading Act.

About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops, and operates
hydropower plants and wind farms in Norway and Sweden. Cloudberry is powering
the energy transition to a sustainable future by providing new renewable energy
today and for future generations. The Company believes in a fundamental long
-term demand for renewable energy in Europe. With this as a fundament,
Cloudberry is building a sustainable, scalable, efficient, and profitable
platform for creation of shareholder value. Cloudberry`s shares are traded on
Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led
by an experienced team and board. The Company has offices in Oslo, Norway (main
office), Karlstad, Gothenburg and Eskilstuna, Sweden. To learn more about
Cloudberry, go to www.cloudberry.no